Identify the five components of the marketing environment

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Question: Identify the five components of the marketing environment. The fi ve components of the marketing environment are

(1) the competitive environment-the interactive process that occurs in the marketplace as competing organizations seek to satisfy markets;

(2) the political-legal environment-the laws and interpretations of laws that require fi rms to operate under competitive conditions and to protect consumer rights;

(3) the economic environment-environmental factors resulting from business fl uctuations and variations in infl ation rates and employment levels;

(4) the technological environment- application to marketing of knowledge based on discoveries in science, inventions, and innovations; and

(5) the social-cultural environment-the component of the marketing environment consisting of the relationship between the marketer and society and its culture.

Reference no: EM131457551

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